Muthoot Finance Ltd plans to extend its Gold Loan@Home offering from 100-plus locations to 5,400-plus branches across India.
The service, launched in 2020 during the pandemic, allows customers to apply for a gold loan of ₹1 lakh and above from home.
The average loan size under this service is ₹6.5 lakh, and 60-65 per cent of the borrowers are self-employed individuals financing their business needs.
Alexander George Muthoot, Joint Managing Director, Muthoot Finance, said, “Customer preferences are changing and customers, including working class and HNIs [high networth individuals], want to avail a gold loan from the comfort, safety and privacy of their homes... expansion plans will also lead to more hiring of trained professionals.”
The company plans to re-launch gold-secured cards and wallets, and other tailormade solutions in the near future. “Gold loan demand continues to be steady and, as economic activity gradually picks up, we remain optimistic about the huge untapped opportunity in the gold loan sector,” he said.